On the blockchain, you have a public ledger, which is the form of ownership. That means you are not doing net settlement - just netting everything down, which means that everything has been turned into fungible numbers.

There is absolutely no reason in the world of blockchain to build in net settlement. It's like saying you have got a new Ferrari and we are going to put a lawnmower engine in it.

The virtues of the blockchain is that it would be that it's peer-to-peer settlement - no centralized settlement, no manipulation... And most importantly, there's nothing to capture. It's consensus based. It's stateless.

With the block chain, for the first time, we no longer need these central institutions for settlement or for guaranteeing the value of coins or for land titling. All of these functions can be replaced by a transparent public ledger that is safe from tampering and which can make value and ownership clear and open for everyone.

I'm not wed to bitcoin's blockchain. I'm blockchain-agnostic.

t0 is blockchain-agnostic so, ultimately, we can use anybody's blockchain.